CHAPS payment management with built-in governance
CHAPS payments are high value, critical, and irrecoverable – once the payment is settled, it’s final. That makes every control gap a direct financial risk.
AccessPay gives you complete confidence in every CHAPS payment: Centralised approval workflows, Account Name Verification checks, and full auditability from instruction to settlement.
Customers automating CHAPS payments
with AccessPay
Faster, safer, smarter
high-value business transfers
Maximise your ROI
Upgrade your payment processes while reducing long-term costs. Automation drives efficiency, cuts errors, and delivers measurable savings across your organisation.
Accelerated payment processing
Process high-value CHAPS payments within minutes. Our system ensures funds are transferred and settled well before the Bank of England’s daily cutoff.
Remove the risk of bank portals
Free your finance team from manual admin tasks and error-prone portals. Let automation handle submissions, validations, and scheduling so your staff can focus on higher-value activities.
Accuracy guaranteed
Eliminate human error from high-value transfers. Automation ensures that every transaction is validated, delivered, and settled exactly as intended.
Full cash flow control
Optimise working capital with precise scheduling. Automate payment timing to send funds at exactly the right moment, improving liquidity management.
Bank-grade security
Protect your payments with multi-layered security. From Account Name Verification to fraud detection, every CHAPS transaction passes through rigorous security protocols.
Automatic audit trails
Stay audit-ready with complete transaction histories. Payment records are automatically generated and stored, helping you meet compliance and reporting requirements effortlessly.
ISO 20022: don’t wait for your vendor to catch up
The Bank of England’s CHAPS migration to ISO 20022 standards is already underway, with significant benefits for corporates: richer remittance data, cleaner reconciliation, and better straight-through processing rates. But most bank connectivity vendors are prioritising financial institution clients first.
For corporates, that means slower delivery, delayed configuration support, and a longer wait before any operational benefit is realised. AccessPay has built ISO 20022 migration support specifically for corporate treasury and finance teams. You get richer data for onward processing, without waiting in a queue behind the banks.
What changes do I need to make?
1
Phase 1: Initial implementation (Up to April 2025)
ISO 20022 has been live in CHAPS since June 2023. During this phase, banks are gradually rolling out capabilities to their customers.
Global adoption is progressing, with European cross-border payments already utilising the new standard.
2
Phase 2: Monitored compliance until May 2025
Starting May 2025, non-compliance with the new standard will be monitored and followed up. Banks and organisations will be encouraged to transition to the new standard, but payments will not be rejected for non-compliance at this stage.
The Bank of England will closely monitor CHAPS participants’ usage of new data fields.
3
Phase 3: Mandatory transition period begins May 2025 – October 2026
This period overlaps with Phase 2, allowing banks and payment system users time to adapt their systems.
Compliance expectations will gradually increase, supported by ongoing communication and guidance from regulatory bodies and support from third parties like AccessPay.
4
Phase 4: Mandatory transition period begins May 2025 – October 2026
Beginning November 2026, non-compliant payments will be rejected. This applies specifically to unstructured addresses in wholesale payments.
Payments without properly structured data will not pass validation and must be resubmitted with correct formatting.
Find out how the new ISO 20022 standard will affect CHAPS payments.
Get in touch with one of our experts by completing our contact form.
Why choose AccessPay as your ISO 20022 migration partner?
Transparent pricing
Enjoy a fixed annual subscription model with no hidden costs, making budgeting and forecasting simple.
Industry-leading service
Rapid onboarding, 24/7 UK-based support, and a 98% customer satisfaction score demonstrate our commitment to service excellence.
One platform for all payment types
Manage CHAPS alongside other domestic and international payment types on a single platform with one set of payment controls.
CHAPS initiation with Enterprise-grade governance & controls
Increased efficiency & reduced errors
AccessPay integrates directly with your back-office systems, streamlining the entire CHAPS payment process. Key advantages include:
- Straight-through processing with fewer manual interventions
- Automated file creation, validation, and submission
- Reduced payment failures and reconciliation delays
By eliminating manual data entry, automation significantly improves accuracy while freeing up valuable finance team resources.
Robust security and compliance
Automating CHAPS payments strengthens both your security posture and compliance measures. Through AccessPay, organisations can leverage:
- Encryption & masking of sensitive data
- Multi-factor authentication (MFA) & Single Sign-On (SSO)
- Strict segregation of duties & dual approval
- Automated fraud and error checks on payment files
- Native account name verification
By aligning with ISO 20022 and other regulatory standards, AccessPay ensures your payment operations are resilient, compliant, and secure against cyberattacks or financial crime.
Ad-hoc CHAPS payments, without the control gap
Urgent or one-off CHAPS payments often end up processed through a banking portal because they sit outside the normal payment run. But every payment handled outside your core payment platform is a payment outside your approval workflows, outside your audit trail, and outside your visibility. You lose critical controls, for the transactions that carry the most risk.
AccessPay lets you initiate ad-hoc CHAPS payments directly from the platform. The same segregation of duties, approval workflows, account name verification, and audit trail that apply to your scheduled runs apply to every CHAPS payment. Every high-value payment stays in one place, regardless of whether it was scheduled or ad-hoc.
Want to see it in action?
Get in touch to speak to one of our experts and find out more.
Our integrations
AccessPay connects your entire finance ecosystem. We are compatible with all major ERPs, payroll systems and any other application you use to generate payment files.
FAQs
How does AccessPay's pricing model work?
We operate on a fixed annual subscription basis, providing transparency and predictability for your payment operation costs.
How quickly can AccessPay be implemented?
Typical implementation takes 8-12 weeks depending on complexity, bank relationships, and specific requirements.
Is AccessPay secure?
Yes, we maintain the highest security standards with encryption, multi-factor authentication, and regular security audits. We’re ISO 27001 certified and comply with banking-grade security requirements.
Ready to take full control of your high-value payments?
Get in touch with one of our experts by completing our contact form.
Speak to our team ➜